Newmark Knight Frank (NKF) announced the $86,887,000 refinancing for Harbor Group International’s (HGI) Exton Crossing Apartment Homes in Exton, PA.
NKF Multifamily Capital Markets Executive Managing Directors Henry Stimler, Matthew Mense and Bill Weber, along with Vice President Dan Sarsfield, represented HGI in securing the 10-year Freddie Mac floating-rate loan.
“With the onset of uncertain times, we’re witnessing a trend of multifamily property owners re-evaluating their in-place financing and utilizing several very attractive options as well as historically low rates to lock in better rates along with flexible terms,” said Stimler. “This approach allows them to adjust their business plan; owners across the multifamily spectrum should be looking into their portfolios and consider this type of strategic financial adjustment.”
While the property performance of Exton Crossing remained strong during the onset of the COVID-19 pandemic, HGI worked with NKF to secure long-term refinancing at historically low rates to recoup equity and retain flexibility in the current market.
“Harbor Group International continues to focus on doing what’s best for each asset, from operations to capital improvements to the optimal financing options. HGI remains poised to make the most of current market conditions to maintain the performance of each of its properties and provide the best services to its residents while simultaneously providing attractive returns to investors,” said T. Richard Litton, Jr., President of HGI.
Exton Crossing is a 405-unit, garden-style multifamily community constructed in 1998 featuring one-, two- and three-bedroom units. Exton Crossing also houses two commercial tenants, including a hair salon and the Goddard School daycare.